Much like results from peer Metal Hawk, which failed to excite on Thursday, Everest Metals Corporation (ASX:EMC) has once again proved that grade is king when it comes to gold – except the lesson’s in the inverse.
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That’s because EMC stocks dipped into the red early in Friday’s session after unveiling a six-metre wide drill hit coming in at one gram of gold per tonne (g/t), including a second hit part of the same larger drillhole that climbed to 1.7g/t.
Typically, grades of around 4g/t plus are what investors like to see – and results on Friday didn’t come too close. The WA-based Taipan project’s overall inferred JORC comes in at 48.5Koz of gold total, making it one of the more humble projects.
And in what is more or less another great gold rush evident on the markets in recent years (especially gold price charts), investor impatience for not hitting paydirt is clear.
“These results… confirm further work is required to test extensions,” firebrand CEO Mark Caruso told the market.
Paperwork remains the main hurdle to opening up further areas of the Taipan project to drilling; though, Caruso says mining operations will commence at Mt Dimer Taipan in the fourth quarter.
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For those playing at home, Caruso was the same man at the helm of former graphite play Mineral Commodities (ASX:MRC), when that stock held above 30cps pre-COVID. Caruso, at one point, had his own page on human rights watch – but was popular among shareholders.
EMC last traded at 13.5cps.
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